<PAGE> 1
=============================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
(MARCH 30, 1998)
AAMES CAPITAL CORPORATION ON BEHALF OF
AAMES MORTGAGE TRUST 1998-A
------------------------------------------------------
(Exact name of Registrant as specified in its charter)
CALIFORNIA 333-21219 95-4438859
- ---------------------------- ----------- -------------------
(State or other jurisdiction (Commission (I.R.S. employer
of incorporation) file number) identification no.)
350 SOUTH GRAND AVENUE, 52ND FLOOR
LOS ANGELES, CALIFORNIA 90071
- ---------------------------------------- ----------
(Address of principal executive offices) (ZIP Code)
(213) 210-5000
----------------------------------------------------
(Registrant's telephone number, including area code)
NA
-------------------------------------------------------------
(Former name or former address, if changed since last report)
=============================
<PAGE> 2
Item 5. OTHER EVENTS
Aames Capital Corporation (the "Sponsor") and an affiliate, Aames Capital
Acceptance Corp., registered up to $2,800,000,000 principal amount of
asset-backed certificates and asset-backed bonds under Rule 415 of the
Securities Act of 1933, as amended (the "Act"), pursuant to a Registration
Statement on Form S-3, including a prospectus (Registration Statement File No.
333-21219) (the "Registration Statement"). Pursuant to the Registration
Statement, the Sponsor filed a Prospectus Supplement dated March 25, 1998, and
a Prospectus, dated December 16, 1997 (collectively, the "Prospectus"),
relating to $300,000,000 aggregate principal amount of Mortgage Pass-Through
Certificates, Series 1998-A (the "Certificates"), issued by Aames Mortgage
Trust 1998-A ("Trust") on March 30, 1998 (the "Closing Date"). The Certificates
consist of the Class A-1F, Class A-2F, Class A,3F, Class A-4F, Class A-5F,
Class A-6F, Class A-IO, Class A-1A, Class M-1A, Class M-2A and Class B-IA
Certificates (together, the "Offered Certificates"), Class R Certificates and
Class C Certificates. Only the Offered Certificates were offered by the
Prospectus.
The Certificates represent the entire undivided interest in the Trust
created pursuant to the Pooling and Servicing Agreement dated as of March 1,
1998 (the "Pooling and Servicing Agreement") between the Sponsor, in the
capacity of Seller and Servicer, the Bankers Trust Company of California, N.A.,
as trustee (the "Trustee"). On the Closing Date, the corpus of the Trust
consisted primarily of (i) a pool (the "Mortgage Pool") of home equity mortgage
loans (together, the "Initial Mortgage Loans"), (ii) amounts on deposit in a
prefunding account (the "Prefunding Account") and a capitalized interest
account held by the Trustee. On the Closing Date, cash in the amount of
$93,100,020.22 (the "Prefunding Account Deposit") was deposited in the
Prefunding Account in the name of the Trustee. The Prefunding Account Deposit
was intended to be used for the purchase of additional home equity mortgage
loans satisfying the criteria specified in the Pooling and Servicing Agreement
(the "Subsequent Mortgage Loans") on or before March 30, 1998. Approximately
$45,622,783.85 of the Prefunding Account Deposit was allocated for the purchase
of Subsequent Mortgage Loans bearing fixed rates of interest to be included in
the Fixed Rate Group, and approximately $47,477,236.37 of the Prefunding
Account Deposit was allocated for the purchase of Subsequent Mortgage Loans
bearing adjustable rates of interest to be included in the Adjustable Rate
Group.
On March 30, 1998, the Trustee, on behalf of the Trust, and the Sponsor
entered into a Subsequent Transfer Agreement, dated as of such date (the
"Subsequent Transfer Agreement"). Pursuant to the Subsequent Transfer
Agreement, the Trust purchased $45,841,272.29 aggregate principal balance of
Subsequent Mortgage Loans to be included in the Fixed Rate Group for a purchase
price equal to such balance and $47,783,159.43 aggregate principal balance of
Subsequent Mortgage Loans to be included in the Adjustable Rate Group for a
purchase price equal to such balance.
The description of the Mortgage Pool in the Prospectus contained
information only with respect to the Initial Mortgage Loans as of the date
of the Prospectus. This Current Report on Form 8-K is being filed to update the
description of the Mortgage Pool contained in the Prospectus and to file copies
of certain final agreements executed in connection with the issuance of the
Certificates. Annex A which follows contains a description of the final
Mortgage Pool.
Capitalized terms used but not otherwise defined herein shall have the
same meaning ascribed to them in the Prospectus. The Prospectus has been filed
with the Securities and Exchange Commission pursuant to Rule 414(b)(2) under
file number 333-21219.
-2-
<PAGE> 3
ANNEX A:
DESCRIPTION OF THE MORTGAGE POOL
The following is a brief description of certain terms of the Mortgage
Loans, including the Subsequent Mortgage Loans. Information contained herein is
presented with respect to the Initial Mortgage Loans as of the Cut-off Date (as
defined in the Pooling and Servicing Agreement) and with respect to the
Subsequent Mortgage Loans as of March 1, 1998 ("the Subsequent Cut-off Date").
The description of the Mortgage Pool below does not reflect any payments with
respect to the Mortgage Loans after the Cut-off Date or the Subsequent Cut-off
Date. The Mortgage Pool consists of 4,261 Mortgage Loans and has an aggregate
principal balance of $299,999,383.05.
FIXED RATE GROUP
The Aggregate Principal Balance of the Mortgage Loans in the Fixed Rate
Group was $149,999,626.76. Approximately 92.00%, 5.24% and 2.77% of the
Mortgaged Properties (by Cut-off Date or Subsequent Cut-off Date Principal
Balance, as applicable), were single family residences, two- to four-family
residences and units in condominium developments, respectively, and no more
than 0.45% of the Mortgage Loans in the Fixed Rate Group by applicable Cut-off
Date Principal Balance) were secured by Mortgaged Properties located in any
single postal ZIP code.
The original Combined Loan-to-Value Ratio of any Mortgage Loan in the
Fixed Rate Group did not exceed 90.45% and the original weighted average
Combined Loan-to-Value Ratio of all Mortgage Loans in the Fixed Rate Group was
approximately 71.65%. The maximum and average loan sizes of the Mortgage Loans
in the Fixed Rate Group were $642,000 and approximately $56,327, respectively.
The average appraised value of the Mortgaged Properties securing Mortgage Loans
in the Fixed Rate Group at origination of the Mortgage Loans was approximately
$118,677.
The interest rates borne by the Mortgage Loans (each, a "Mortgage
Interest Rate") in the Fixed Rate Group ranged from 6.500% per annum to
16.990% per annum. The weighted average Mortgage Interest Rate of the Mortgage
Loans in the Fixed Rate Group was approximately 10.511% per annum..
The weighted average remaining term to stated maturity of the Mortgage
Loans in the Fixed Rate Group was approximately 296 months. The weighted
average term to maturity of the Mortgage Loans in the Fixed Rate Group was
approximately 298 months. The weighted average seasoning of the Mortgage Loans
in the Fixed Rate Group was approximately two months.
Based on the Aggregate Principal Balance of the Mortgage Loans in the
Fixed Rate Group, 95.37% of the Mortgage Loans provide for the payment of
principal and interest on a level basis to fully amortize such Mortgage Loans
over their respective stated terms. The remaining 4.63% of the Mortgage Loans in
the Fixed Rate Group are Balloon Loans which will provide for regular monthly
payments of principal and interest computed on the basis of an amortization term
of 360 months that is longer than the related term to stated maturity, with a
"balloon payment" due at stated maturity that will be significantly larger than
the monthly payments. The Mortgage Loans in the Fixed Rate Group have original
terms to maturity of up to 30 years.
-3-
<PAGE> 4
FIXED RATE GROUP
TYPE OF MORTGAGED PROPERTY
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Single Family Residence 2,468 $137,994,335.42 92.00%
Condominium Unit 74 4,148,955.16 2.77
Two- to Four-Family Residence 121 7,856,336.18 5.24
---------------------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
OCCUPANCY STATUS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
OCCUPANCY STATUS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Owner Occupied / Primary Residence 2,555 $145,204,857.90 96.80%
Non-Owner Occupied / Investment Property 108 4,794,768.86 3.20
---------------------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
PRIORITY OF LIEN
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
LIEN PRIORITY MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
First Lien 1,824 $126,093,174.51 84.06%
Second Lien 819 23,565,187.88 15.71
Third Lien 20 341,264.37 0.23
------------------------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
TYPE OF LOAN BY AMORTIZATION METHOD
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
AMORTIZATION METHOD MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Partial Amortizing / Balloon 123 $ 6,940,371.40 4.63
Fully Amortizing 2,540 143,059,255.36 95.37
------------------------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF COMBINED NUMBER OF AGGREGATE UNPAID AGGREGATE
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
0.001% to 5.000% 1 $ 10,000.00 0.01%
5.001 to 10.000 5 150,278.03 0.10
10.001 to 15.000 14 177,157.57 0.12
15.001 to 20.000 20 481,893.03 0.32
20.001 to 25.000 37 1,162,075.97 0.77
25.001 to 30.000 40 1,055,862.01 0.70
30.001 to 35.000 47 1,403,167.19 0.94
35.001 to 40.000 67 2,432,312.68 1.62
40.001 to 45.000 83 3,277,559.69 2.19
45.001 to 50.000 108 4,139,976.68 2.76
50.001 to 55.000 116 4,834,644.14 3.22
55.001 to 60.000 174 7,508,742.52 5.01
60.001 to 65.000 322 14,768,763.58 9.85
65.001 to 70.000 346 16,268,872.29 10.85
70.001 to 75.000 536 28,943,833.09 19.30
75.001 to 80.000 382 28,223,660.59 18.82
80.001 to 85.000 128 10,777,753.15 7.19
85.001 to 90.000 232 23,970,111.52 15.98
90.001% to 95.000% 5 412,963.03 0.28
-------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
ORIGINAL TERM TO MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE
ORIGINAL TERMS TO NUMBER OF AGGREGATE UNPAID AGGREGATE
MATURITY (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 60 38 $ 644,572.12 0.43%
61 to 120 188 3,607,147.77 2.40
121 to 180 1,126 42,640,125.97 28.43
181 to 240 88 4,026,657.15 2.68
241 to 300 2 116,600.00 0.08
301 to 360 1,221 98,964,523.75 65.98
-------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
<PAGE> 5
ORIGINAL TERM TO MATURITY
(BALLOON)
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE
ORIGINAL TERMS TO NUMBER OF AGGREGATE UNPAID AGGREGATE
MATURITY (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 60 2 $ 68,328.16 0.98%
61 to 120 9 225,945.65 3.26
121 to 180 74 4,842,277.09 69.77
181 to 240 38 1,803,820.50 25.99
--------------------------------------------------------------------
TOTAL 123 $ 6,940,371.40 100.00%
</TABLE>
FIXED RATE GROUP
REMAINING TERM TO MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE
REMAINING TERMS TO NUMBER OF AGGREGATE UNPAID AGGREGATE
MATURITY (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
1 to 60 81 $ 1,193,337.83 0.80%
61 to 120 203 4,459,302.82 2.97
121 to 180 1,093 42,323,734.11 28.22
181 to 240 63 2,942,128.25 1.96
241 to 300 2 116,600.00 0.08
301 to 360 1,221 98,964,523.75 65.98
----------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF MORTGAGE NUMBER OF AGGREGATE UNPAID AGGREGATE
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
6.001% to 6.500% 9 $ 3,209,800.00 2.14%
6.501 to 7.000 1 147,750.00 0.10
7.001 to 7.500 11 959,100.00 0.64
7.501 to 8.000 19 1,894,008.35 1.26
8.001 to 8.500 85 8,037,369.34 5.36
8.501 to 9.000 130 10,960,715.33 7.31
9.001 to 9.500 241 20,173,805.07 13.45
9.501 to 10.000 237 19,032,672.34 12.69
10.001 to 10.500 308 15,100,181.75 10.07
10.501 to 11.000 403 22,908,991.79 15.27
11.001 to 11.500 236 10,612,911.92 7.08
11.501 to 12.000 314 13,337,384.86 8.89
12.001 to 12.500 222 8,309,116.93 5.54
12.501 to 13.000 153 5,878,759.70 3.92
13.001 to 13.500 101 3,134,995.61 2.09
13.501 to 14.000 65 1,860,013.19 1.24
14.001 to 14.500 52 1,905,666.01 1.27
14.501 to 15.000 40 1,388,040.96 0.93
15.001 to 15.500 29 946,816.74 0.63
15.501 to 16.000 3 74,324.86 0.05
16.001 to 16.500 1 11,484.82 0.01
16.501% to 17.000% 3 115,717.19 0.08
-----------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE
CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE
PRINCIPAL BALANCE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
$ 0.01 to $ 25,000.00 703 $11,984,843.02 7.99%
25,000.01 to 50,000.00 867 32,111,626.43 21.41
50,000.01 to 75,000.00 472 28,756,490.08 19.17
75,000.01 to 100,000.00 275 23,685,624.67 15.79
100,000.01 to 125,000.00 142 15,879,475.75 10.59
125,000.01 to 150,000.00 81 11,091,520.14 7.39
150,000.01 to 175,000.00 47 7,482,806.82 4.99
175,000.01 to 200,000.00 26 4,829,703.48 3.22
200,000.01 to 225,000.00 14 2,979,250.00 1.99
225,000.01 to 250,000.00 12 2,815,778.04 1.88
250,000.01 to 275,000.00 4 1,045,755.76 0.70
275,000.01 to 300,000.00 4 1,174,688.67 0.78
300,000.01 to 325,000.00 5 1,584,000.00 1.06
325,000.01 to 350,000.00 3 1,042,500.00 0.70
350,000.01 to 375,000.00 1 351,000.00 0.23
375,000.01 to 400,000.00 2 796,000.00 0.53
400,000.01 to 425,000.00 1 400,500.00 0.27
425,000.01 to 450,000.00 2 866,300.00 0.58
475,000.01 to 500,000.00 1 479,763.90 0.32
625,000.01 to 650,000.00 1 642,000.00 0.43
-------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
<PAGE> 6
FIXED RATE GROUP
ORIGINATORS OF THE MORTGAGE LOANS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
ORIGINATOR MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Affiliated
Broker Network 461 $31,395,836.88 20.93%
Retail 1,721 78,051,972.85 52.03
Unaffiliated 481 40,551,817.03 27.03
--------------------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
FIXED RATE GROUP
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----- -------------- ----------------- -----------------
<S> <C> <C> <C>
AR 5 $ 597,815.94 0.40%
AZ 77 4,061,909.15 2.71
CA 593 38,280,064.80 25.52
CO 73 4,037,745.01 2.69
CT 10 479,020.78 0.32
DC 10 613,893.64 0.41
DE 2 29,940.26 0.02
FL 280 17,538,016.92 11.69
GA 40 2,063,818.71 1.38
HI 12 1,815,236.02 1.21
IA 7 518,200.00 0.35
ID 4 311,675.00 0.21
IL 117 4,903,505.87 3.27
IN 81 3,130,398.35 2.09
KS 26 815,012.02 0.54
KY 19 649,157.92 0.43
LA 31 1,448,018.02 0.97
MA 9 730,210.76 0.49
MD 47 2,304,569.62 1.54
ME 2 97,000.00 0.06
MI 148 5,663,698.41 3.78
MN 29 1,437,922.08 0.96
MO 79 2,650,534.26 1.77
MS 11 569,357.03 0.38
MT 3 134,624.84 0.09
NC 42 2,084,743.03 1.39
NE 4 275,450.00 0.18
NJ 56 3,411,973.39 2.27
NM 9 835,875.00 0.56
NV 22 1,353,463.41 0.90
NY 125 9,514,208.63 6.34
OH 129 5,710,276.30 3.81
OK 8 326,223.95 0.22
OR 63 4,331,745.60 2.89
PA 106 4,338,843.73 2.89
RI 3 95,846.91 0.06
SC 30 1,783,134.50 1.19
SD 1 56,800.00 0.04
TN 47 2,933,293.56 1.96
TX 96 5,920,207.27 3.95
UT 50 3,129,422.61 2.09
VA 41 2,598,386.99 1.73
WA 99 5,692,483.76 3.79
WI 15 658,177.71 0.44
WV 2 67,725.00 0.05
------------------------------------------------------------
TOTAL 2,663 $149,999,626.76 100.00%
</TABLE>
<PAGE> 7
ADJUSTABLE RATE GROUP
The Aggregate Principal Balance of the Mortgage Loans in the Adjustable
Rate Group was $149,999,756.29. Approximately 85.66%, 5.51% and 8.82% of the
Mortgaged Properties (by Cut-off Date or Subsequent Cut-off Date Principal
Balance) were single family residences, two- to four-family residences and
units in condominium developments, respectively, and no more than 0.55% of the
of the Mortgaged Loans in the Adjustable Rate Group (by applicable Cut-off Date
Principal Balance) were secured by Mortgaged Properties located in any single
postal ZIP code.
The original Loan-to Value Ratio of any Mortgaged Loan in the Adjustable
Rate Group did not exceed 90.00% and the original weighted average original
Loan-to-Value Ratio of all Mortgage Loans in the Adjustable Rate Group was
approximately 77.09%. The maximum and average loan size of the Mortgaged Loans
in the Adjustable Rate Group were $439,254 and $93,867, respectively. The
average appraised value of the Mortgaged Properties was $124,944.
The Mortgage Loans in the Adjustable Rate Group bear interest rates that,
after a period of approximately six months, two years, three years or five years
after the related date of origination, adjust based on six-month LIBOR. The
Mortgage Loans in the Adjustable Rate Group have semi-annual interest rate and
payment adjustment frequencies after the first interest rate adjustment date.
The weighted average Mortgage Interest Rate of the Mortgage Loans in the
Adjustable Rate Group was approximately 9.836% per annum. The Mortgage Loans in
the Adjustable Rate Group had a weighted average gross margin of approximately
6.101%. The gross margin for the Mortgage Loans in the Adjustable Rate Group
ranged from 3.000% to 10.875%. For each Mortgage Loan in the Adjustable Rate
Group that has an initial adjustment date that is six months, two years, three
years or five years from the date of origination, the related Mortgage Note
provides for a rate cap as to its first Adjustment Date of from 1.000% to 3.000%
and a rate cap as to each subsequent Adjustment Date of from 1.000% to 2.000%.
The maximum rates at which interest may accrue on the Mortgage Loans in the
Adjustable Rate Group (the "Maximum Rate") ranged from 11.430% per annum to
21.875% per annum. The Mortgage Loans in the Adjustable Rate Group have a
weighted average Maximum Rate of approximately 16.451% per annum. The minimum
rates at which interest may accrue on the Mortgage Loans in the Adjustable Rate
Group (the "Minimum Rates") ranged from 4.430% per annum to 14.990% per annum.
The weighted average Minimum Rate was approximately 10.011% per annum.
Mortgage Loans in the Adjustable Rate Group have original terms to
maturity of up to 30 years. The weighted average remaining term to stated
maturity of the Mortgage Loans in the Adjustable Rate Group was approximately
357 months. The weighted average original term to maturity of the Mortgage
Loans in the Adjustable Rate Group was approximately 357 months. The weighted
average seasoning of the Mortgage Loans in the Adjustable Rate Group was zero
months.
None of the Mortgage Loans in the Adjustable Rate Group are Balloon Loans.
-4-
<PAGE> 8
ADJUSTABLE RATE GROUP
TYPE OF MORTGAGED PROPERTY
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
PROPERTY TYPE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Single Family Residence 1,374 $128,495,286.68 85.66%
Condominium Unit 130 13,233,094.64 8.82
Two- to Four-Family Residence 94 8,271,374.97 5.51
-----------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
OCCUPANCY STATUS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
OCCUPANCY STATUS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Owner Occupied / Primary Residence 1,435 $140,958,699.35 93.97%
Non-Owner Occupied / Investment Property 163 9,041,056.94 6.03
-----------------------------------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
COMBINED LOAN-TO-VALUE RATIOS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF COMBINED NUMBER OF AGGREGATE UNPAID AGGREGATE
LOAN-TO-VALUE RATIOS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
-------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
10.001% to 15.000% 2 $ 59,000.00 0.04%
15.001 to 20.000 1 42,700.00 0.03
20.001 to 25.000 4 165,500.00 0.11
25.001 to 30.000 4 91,450.70 0.06
30.001 to 35.000 6 352,924.05 0.24
35.001 to 40.000 6 290,036.87 0.19
40.001 to 45.000 13 661,605.35 0.44
45.001 to 50.000 21 1,470,849.28 0.98
50.001 to 55.000 15 1,068,379.44 0.71
55.001 to 60.000 57 3,852,178.51 2.57
60.001 to 65.000 204 14,615,037.85 9.74
65.001 to 70.000 208 16,081,163.10 10.72
70.001 to 75.000 254 23,307,482.42 15.54
75.001 to 80.000 425 43,310,077.65 28.87
80.001 to 85.000 139 15,109,589.82 10.07
85.001% to 90.000% 239 29,521,781.25 19.68
-------------------------------------- --------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
ORIGINAL TERM TO MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
ORIGINAL TERMS TO NUMBER OF AGGREGATE UNPAID AGGREGATE
MATURITY (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Original Term 121 to 180 34 $ 2,300,303.55 1.53%
181 to 240 1 72,000.00 0.05
301 to 360 1,563 147,627,452.74 98.42
----------------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
REMAINING TERM TO MATURITY
<TABLE>
<CAPTION>
PERCENTAGE OF
RANGE OF CUT-OFF DATE
REMAINING TERMS TO NUMBER OF AGGREGATE UNPAID AGGREGATE
MATURITY (MONTHS) MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------------ -------------- ----------------- -----------------
<S> <C> <C> <C>
121 to 180.00 34 $ 2,300,303.55 1.53%
181 to 240.00 1 72,000.00 0.05
301 to 360.00 1,563 147,627,452.74 98.42
----------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
<PAGE> 9
ADJUSTABLE RATE GROUP
RANGE OF MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF MORTGAGE NUMBER OF AGGREGATE UNPAID AGGREGATE
INTEREST RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
4.001% to 4.500% 1 $ 271,000.00 0.18%
4.501 to 5.000 1 117,000.00 0.08
5.501 to 6.000 1 53,000.00 0.04
6.001 to 6.500 8 640,206.00 0.43
6.501 to 7.000 5 404,875.00 0.27
7.001 to 7.500 12 1,485,060.37 0.99
7.501 to 8.000 60 6,441,624.25 4.29
8.001 to 8.500 100 12,251,104.54 8.17
8.501 to 9.000 186 20,696,178.59 13.80
9.001 to 9.500 248 $28,426,900.89 18.95
9.501 to 10.000 281 26,902,518.10 17.94
10.001 to 10.500 189 16,304,522.07 10.87
10.501 to 11.000 154 12,361,478.08 8.24
11.001 to 11.500 91 6,675,443.14 4.45
11.501 to 12.000 81 5,210,579.91 3.47
12.001 to 12.500 39 2,387,958.32 1.59
12.501 to 13.000 52 3,527,263.96 2.35
13.001 to 13.500 38 2,691,454.78 1.79
13.501 to 14.000 35 2,207,995.42 1.47
14.001 to 14.500 9 568,805.68 0.38
14.501% to 15.000% 7 374,787.19 0.25
-----------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
CUT-OFF DATE PRINCIPAL BALANCE
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF CUT-OFF DATE NUMBER OF AGGREGATE UNPAID AGGREGATE
PRINCIPAL BALANCES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
--------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
$ 0.01 to $ 25,000.00 51 $ 1,114,271.35 0.74%
25,000.01 to 50,000.00 345 13,085,709.53 8.72
50,000.01 to 75,000.00 345 21,532,515.54 14.36
75,000.01 to 100,000.00 301 26,299,988.98 17.53
100,000.01 to 125,000.00 204 23,009,862.45 15.34
125,000.01 to 150,000.00 136 18,698,456.13 12.47
150,000.01 to 175,000.00 65 10,561,203.86 7.04
175,000.01 to 200,000.00 57 10,702,301.72 7.13
200,000.01 to 225,000.00 33 7,001,915.02 4.67
225,000.01 to 250,000.00 11 2,611,760.55 1.74
250,000.01 to 275,000.00 11 2,915,847.08 1.94
275,000.01 to 300,000.00 13 3,742,797.15 2.50
300,000.01 to 325,000.00 10 3,132,022.44 2.09
325,000.01 to 350,000.00 12 4,070,100.00 2.71
350,000.01 to 375,000.00 3 1,081,750.00 0.72
$425,000.01 to $450,000.00 1 439,254.49 0.29
---------------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
RANGE OF GROSS MARGINS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF NUMBER OF AGGREGATE UNPAID AGGREGATE
GROSS MARGINS MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
2.501% to 3.000% 1 $ 93,752.39 0.06%
3.001 to 3.500 1 75,000.00 0.05
3.501 to 4.000 2 143,700.00 0.10
4.001 to 4.500 9 1,274,232.80 0.85
4.501 to 5.000 308 30,578,386.90 20.39
5.001 to 5.500 302 30,344,808.72 20.23
5.501 to 6.000 296 26,796,233.31 17.86
6.001 to 6.500 120 13,962,239.74 9.31
6.501 to 7.000 286 23,726,142.27 15.82
7.001 to 7.500 89 8,099,085.34 5.40
7.501 to 8.000 61 5,748,390.90 3.83
8.001 to 8.500 53 3,832,052.18 2.55
8.501 to 9.000 29 2,517,356.22 1.68
9.001 to 9.500 17 1,488,331.55 0.99
9.501 to 10.000 16 830,961.97 0.55
10.001 to 10.500 3 214,882.00 0.14
10.501% to 11.000% 5 274,200.00 0.18
------------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
<PAGE> 10
ADJUSTABLE RATE GROUP
RANGE OF MAXIMUM MORTGAGE INTEREST RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF NUMBER OF AGGREGATE UNPAID AGGREGATE
MAXIMUM MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
11.001% to 11.500% 1 $ 271,000.00 0.18%
11.501 to 12.000 1 117,000.00 0.08
12.001 to 12.500 2 110,000.00 0.07
12.501 to 13.000 4 219,150.00 0.15
13.001 to 13.500 10 1,093,246.37 0.73
13.501 to 14.000 21 2,565,204.25 1.71
14.001 to 14.500 41 5,366,285.46 3.58
14.501 to 15.000 99 11,268,831.33 7.51
15.001 to 15.500 153 19,481,630.87 12.99
15.501 to 16.000 223 23,709,548.13 15.81
16.001 to 16.500 214 22,711,889.60 15.14
16.501 to 17.000 232 20,753,643.15 13.84
17.001 to 17.500 173 13,038,394.07 8.69
17.501 to 18.000 146 10,605,769.41 7.07
18.001 to 18.500 77 5,647,424.01 3.76
18.501 to 19.000 59 3,907,739.87 2.61
19.001 to 19.500 37 2,760,237.19 1.84
19.501 to 20.000 44 3,020,610.00 2.01
20.001 to 20.500 30 1,666,287.97 1.11
20.501 to 21.000 28 1,546,373.76 1.03
21.001 to 21.500 1 72,000.00 0.05
21.501% to 22.000% 2 $ 67,490.85 0.04%
-------------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
RANGE OF MINIMUM MORTGAGE RATES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
RANGE OF MINIMUM NUMBER OF AGGREGATE UNPAID AGGREGATE
MORTGAGE RATES MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------------- -------------- ----------------- -----------------
<S> <C> <C> <C>
4.001% to 4.500% 1 $ 271,000.00 0.18%
4.501 to 5.000 1 117,000.00 0.08
5.501 to 6.000 1 53,000.00 0.04
6.001 to 6.500 8 737,746.26 0.49
6.501 to 7.000 3 261,175.00 0.17
7.001 to 7.500 11 1,264,302.42 0.84
7.501 to 8.000 50 5,121,768.13 3.41
8.001 to 8.500 86 10,381,404.54 6.92
8.501 to 9.000 166 18,504,937.51 12.34
9.001 to 9.500 229 25,968,924.04 17.31
9.501 to 10.000 270 25,697,632.01 17.13
10.001 to 10.500 196 17,166,563.15 11.44
10.501 to 11.000 169 14,488,410.27 9.66
11.001 to 11.500 109 8,777,384.72 5.85
11.501 to 12.000 100 7,457,670.76 4.97
12.001 to 12.500 46 3,154,143.12 2.10
12.501 to 13.000 62 4,565,072.77 3.04
13.001 to 13.500 39 2,814,454.78 1.88
13.501 to 14.000 36 2,284,164.79 1.52
14.001 to 14.500 9 568,805.68 0.38
14.501% to 15.000% 6 344,196.34 0.23%
----------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
ADJUSTABLE RATE GROUP
ORIGINATORS OF THE MORTGAGE LOANS
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
ORIGINATOR MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
---------- -------------- ----------------- -----------------
<S> <C> <C> <C>
Affiliated
Broker Network 994 $ 86,543,941.46 57.70%
Retail 96 10,813,610.83 7.21
Unaffiliated 508 52,642,204.00 35.09
----------------------------------------------------------------------
TOTAL 1,598 $149,999,756.29 100.00%
</TABLE>
<PAGE> 11
ADJUSTABLE RATE GROUP
GEOGRAPHICAL DISTRIBUTION OF MORTGAGED PROPERTIES
<TABLE>
<CAPTION>
PERCENTAGE OF
CUT-OFF DATE
NUMBER OF AGGREGATE UNPAID AGGREGATE
STATE MORTGAGE LOANS PRINCIPAL BALANCE PRINCIPAL BALANCE
----- -------------- ----------------- -----------------
<S> <C> <C> <C>
AR 1 47,568.33 0.03
AZ 51 5,327,899.80 3.55
CA 133 17,726,079.58 11.82
CO 48 4,405,463.83 2.94
CT 44 4,231,818.34 2.82
DC 19 1,898,929.86 1.27
DE 2 99,820.08 0.07
FL 211 19,256,930.19 12.84
GA 37 3,626,593.40 2.42
HI 15 2,558,496.95 1.71
IA 7 369,925.00 0.25
ID 5 361,301.24 0.24
IL 47 4,907,748.20 3.27
IN 53 3,345,965.42 2.23
KS 10 363,295.00 0.24
KY 12 907,856.61 0.61
LA 22 1,860,106.00 1.24
MA 12 1,195,328.73 0.80
MD 115 7,959,218.28 5.31
ME 1 70,000.00 0.05
MI 57 3,283,194.62 2.19
MN 30 2,628,910.50 1.75
MO 28 2,069,261.74 1.38
MS 3 158,300.00 0.11
NC 39 2,325,692.39 1.55
NE 9 650,500.00 0.43
NH 3 408,800.00 0.27
NJ 28 3,142,954.73 2.10
NM 18 1,807,800.00 1.21
NV 11 1,289,856.93 0.86
NY 35 4,836,981.87 3.22
OH 72 4,866,009.48 3.24
OK 3 89,980.00 0.06
OR 43 5,116,695.37 3.41
PA 54 3,486,811.31 2.32
RI 6 530,222.05 0.35
SC 39 3,063,152.75 2.04
TN 26 2,263,548.02 1.51
TX 83 6,988,494.12 4.66
UT 63 7,905,517.89 5.27
VA 15 1,420,880.81 0.95
WA 70 9,563,605.76 6.38
WI 17 1,551,366.11 1.03
WV 1 30,875.00 0.02
----------------------------------------------------------------
TOTAL 1,598 149,999,756.29 100.00
</TABLE>
<PAGE> 12
Item 7. Financial Statements: Pro Forma Financial Information and
Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Exhibits:
1.1 Underwriting Agreement, dated March 23, 1998, between Aames
Capital Corporation, as Sponsor, and Donaldson Lufkin & Jenrette Securities
Corporation, as Representative of the several Underwriters named in
Schedule I to the Pricing Agreement.*/
1.2 Pricing Agreement, dated March 23, 1998, between Aames
Capital Corporation, as Sponsor, and Donaldson Lufkin & Jenrette Securities
Corporation, as Representative of the several Underwriters named in
Schedule I thereto,*/
4.1 Pooling and Servicing Agreement, dated as of March 1, 1998,
between Aames Capital Corporation, as Seller and Servicer, and Bankers
Trust Company of California, N.A., as Trustee.*/
4.2 Financial Guaranty Insurance Policy issued by the Financial
Guaranty Insurer, Financial Security Assurance Inc.*/
10.1 Subsequent Transfer Agreement, dated as of March 30, 1998,
between Aames Capital Corporation, as Seller, and Bankers Trust Company of
California, N.A., as Trustee.*/
*/To be filed by amendment.
-5-
<PAGE> 13
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AAMES CAPITAL CORPORATION
By: /s/ MARK E. ELBAUM
---------------------------------
Mark E. Elbaum
Senior Vice President - Finance
Dated: March 30, 1998
-6-
<PAGE> 14
EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION OF EXHIBIT
- ---------- ----------------------
1.1 Underwriting Agreement, dated March 23, 1998, between Aames Capital
Corporation, as Sponsor, and Donaldson Lufkin & Jenrette Securities
Corporation, as Representative of the several Underwriters named in
Schedule I to the Pricing Agreement.*/
1.2 Pricing Agreement, dated March 23, 1998, between Aames Capital
Corporation, as Sponsor, and Donaldson Lufkin & Jenrette Securities
Corporation, as Representative of the several Underwriters named in
Schedule I thereto.*/
4.1 Pooling and Servicing Agreement, dated as of March 1, 1998, between
Aames Capital Corporation, as Seller and Servicer, and Bankers Trust
Company of California, N.A., as Trustee.*/
4.2 Financial Guaranty Insurance Policy issued by the Financial Guaranty
Insurer, Financial Security Assurance Inc.*/
10.1 Subsequent Transfer Agreement, dated as of March 30, 1998, between
Aames Capital Corporation, as Seller, and Bankers Trust Company of
California, N.A., as Trustee.*/
*/To be filed by amendment
